At the end of 2018, legal services were said to be at a high point. But many economic forecasts say that might not continue that way through 2020. Law Week Colorado met with managing partners from small boutique firms to discuss business development, how they operate when business is booming and what they think about predictions of economic dips.
Law Week managing editor Tony Flesor moderated the discussion, and Hunter + Geist reported it.
Participants were: Muliha Khan of Zupkus & Angell, Lisa Leasure of Faraci Leasure, Thomas Tenenbaum of The Tenenbaum Law Firm, Lauren Varner of Varner Faddis Elite Legal and Reeves Whalen of Whalen Hersh.
LAW WEEK: Depending on who you ask right now, legal services might be booming, but some economic predictions are also saying that we’re going to see some slowdown. With everyone here having a litigation-centric practice, we’re all approaching things from a similar mindset maybe, even though we have some differently structured firms and plaintiff’s side and defense.
I’m curious in starting off with that small firm litigation focus. What are some of the most important things for you for business development? And what are you seeing right now when that market might be a little stronger?
WHALEN: I think when you transition from a large firm to a boutique firm, you have to be offering some- thing very different, and I think that your approach has to be different. You have to instill in clients a high degree of confidence in making decisions to hire you, understanding that you’re not out-resourced, because a lot of large law firms will consistently tell people that they have incredible resources, and they do. But I think that in a lot of situations if you’re efficient and you manage things the right way and you’ve got a very strong track record, you can offer equivalent if not better services.